American Tower (NYSE:AMT) Price Target Increased to $239.00 by Analysts at TD Cowen

American Tower (NYSE:AMT) had its target price raised by TD Cowen from $226.00 to $239.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts also recently weighed in on AMT. Wells Fargo & Company raised their target price on American Tower from $225.00 to $245.00 and gave the company an overweight rating in a research report on Wednesday. Raymond James raised shares of American Tower from an outperform rating to a strong-buy rating and lifted their target price for the stock from $226.00 to $248.00 in a research note on Wednesday, May 1st. The Goldman Sachs Group assumed coverage on shares of American Tower in a research note on Monday, July 1st. They issued a buy rating and a $230.00 price target on the stock. Barclays lowered their price target on shares of American Tower from $234.00 to $223.00 and set an overweight rating on the stock in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an overweight rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $230.42.

American Tower Stock Up 2.9 %

AMT opened at $234.64 on Wednesday. The stock has a market capitalization of $109.57 billion, a price-to-earnings ratio of 53.09, a PEG ratio of 1.60 and a beta of 0.81. American Tower has a fifty-two week low of $154.58 and a fifty-two week high of $236.00. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.85 and a current ratio of 0.81. The company has a fifty day moving average of $201.02 and a two-hundred day moving average of $194.19.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $2.46 EPS. On average, research analysts expect that American Tower will post 10.04 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s dividend payout ratio (DPR) is 146.61%.

Insider Buying and Selling at American Tower

In other news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.18% of the stock is currently owned by corporate insiders.

Institutional Trading of American Tower

Several hedge funds have recently added to or reduced their stakes in AMT. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the 1st quarter valued at $25,000. Cultivar Capital Inc. purchased a new position in American Tower in the second quarter valued at $25,000. Gold Investment Management Ltd. acquired a new stake in American Tower in the fourth quarter valued at $28,000. Hobbs Group Advisors LLC purchased a new stake in American Tower during the 2nd quarter worth about $29,000. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of American Tower during the 1st quarter worth about $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.